ExecutiveChronicles | Top 7 Stock Analysis Software Tools in 2022 |Are you interested in day trading? Trading stocks requires logical thinking and risk-taking on the part of traders.
Fortunately, traders have the opportunity to try a myriad of stock analysis software platforms until they find the best fit. These programs gather and analyze data on behalf of traders and improve their strategies. Some of these tools offer free versions besides their standard pricing plans.
The best platforms offer a variety of key features and educational content for users.
If looking for a stock software program, these are some of the best for 2022 to consider.
Trade Ideas is among the top stock scanning tools, founded in 2002. Since then, this platform has assisted traders by eliminating the guesswork out of their trading decisions and providing a comprehensive stock analysis. Probably the best aspect of this software is HOLLY, referring to a robotic advisor reviewing up to a million trading scenarios every night and then delivering the scenarios most likely to result in success to users.
Moreover, HOLLY allows traders to commit to other day trading tasks instead of wasting time scanning the markets every single day. The OddsMaker is a feature available to premium users, which assists them in improving their trading strategies without having any special skills. It also has a social aspect in the form of a live room where all users share ideas. On the negative side, Trade Ideas is a better alternative for experts than beginners, as the provided information can be overwhelming for the latter.
TrendSpider is a more recent stock analysis software tool, given the company was founded in March 2018. Although it hasn’t been on the market for a very long time, TrendSpider has managed to keep up with the competition by offering key features, such as candlestick charts, automated charting, access to multiple data sets, advanced alerts, indicators, etc.
There are three pricing plans for traders to consider, including the analyst, pro-trader, and elite plan. This software program runs on laptops, PCs, and smartphones. Customer service is impeccable, as users can communicate with a real person, not bots, 24/7. Find out more about the meaning of a chatbot. The only drawback of TrendSpider is the lack of auto trading ability.
Trading View is a stock charting and analysis software ideal for beginners, available to traders in both free and paid versions. The most important features of this platform include the stock screener, alerts, pine script tool, paper trading simulator, trading courses, and user-friendly interface. The free version of this software doesn’t provide the whole experience, but it still allows users to gain insight into the world of stocks.
Apart from the free plan, individuals can also select a PRO, PRO+, and premium plan. The PRO+ plan is available for just $19 monthly, whereas the premium plan costs $39 per month. The premium package offers remarkable coverage of stock markets. Users are able to chat, follow other traders, and publish data. A disadvantage of this platform is the availability of customer support only by purchasing the costliest pricing plan.
Scanz is a popular stock analysis software tool that has existed since 2002. Nevertheless, in this period, it was known under the name EquityFeed. The process of rebranding took place in 2019 to emphasize the commitment of the company to transformation and growth. This platform is considered the most powerful stock scanner momentarily, referring to the pro scanner, which is entirely customizable.
Furthermore, Scanz provides traders with news updates and real-time data, as well as exclusive access to level 2 data. This platform is particularly boasted for doing a great job at offering news by providing an easy-to-read feed, where you can see the deals signed by companies and all contracts. The greatest drawback of this software is the lack of social interaction.
TC2000 is another prominent stock analysis and trading platform, which is responsible for all data gathering and analysis. It has been around since 1997, helping both beginner and experienced traders to eliminate guesswork and increase their winning trades. TC2000 offers robust features, such as advanced comparison tools, user-friendly charts, formulas, relative strength indicators, and simulation.
In addition, this platform is recommended to all traders, but it’s particularly beneficial to those trading exchange-traded funds (ETFs), mutual funds, and US stocks. The following link, https://www.thebalance.com/what-is-an-etf-1214813, explains what exchange-traded funds are. TC2000 provides its users with the latest news through its integration with trustworthy sources like Yahoo Finance, Marketwatch, and Google Finance.
On the negative side, the standards of backtesting aren’t very high, as traders need to use an add-on to take advantage of it. Also, the social aspect of this platform is only available by installing an older version.
Another powerful stock analysis software tool is the Stock Rover, available to users since 2008. Its user-friendly interface and stock-scanning features make it a remarkable research tool. The vital features of Stock Rover are charts, data on trades, index, and ETF, portfolio management, screener tools, alerts, and news.
Moreover, this platform offers excellent educational content in the form of weekly briefs, research reports, and interactive videos. Individuals can use the free plan to get to know the program and later move to one of the other plans, including essentials, premium, and premium plus. The only disadvantages would be the need for more technical indicators and the lack of social interaction.
NinjaTrader is another leader in the market of stock analysis software platforms exceeding 60,000 users. Individuals can use it for free in order to test the platform by placing simulated orders. Nevertheless, live-trading services are only available by signing up to one of the pricing plans. Traders can take advantage of videos, webinars, and guides available for learning. The biggest drawback of this program is its high price.
The bottom line
The platform you choose will depend on your trading experience and preferences.
Select a pricing plan and commence your journey to becoming a successful trader!